Wednesday, December 27, 2017

Saving you tax dollars

Tips on how the new tax plan may affect you

     The new tax plan approved by Congress is why we are emailing you.  

     If you plan to take the standard deduction for individuals and families in 2018 which will be $24,000 for married couples, doubling the past amountthen you may need to read this mail. Otherwise, ignore it.

    Since the standard deduction has almost doubled, if you take it, your charitable contributions next year are NO LONGER DEDUCTIBLE. You may need to speed up your donations this year to get the tax deduction. 

    The tax experts have advised that you are to "bunch" your donations this year, or in a future year when You are NOT taking the standard deduction.  

      Only 4 days left before 2018 arrives!  :-)   HAPPY NEW YEAR!


S. B. Woo 

President and a volunteer for the past 18 years
80-20 Educational Foundation, Inc, a 501 C-3 organization,
To know more about 80-20, view these videos :  (Ignore the last 35 secs. The election is over.)